PayItSimple Rebrands as Splitit
Nov. 2, 2015
Last week, PayItSimple, an Israeli company that enables e-commerce merchants to offer interest-free installment payments to consumers, changed its name to Splitit. The company said the new name better reflects its product offering and will make more sense to merchants and consumers in the U.S. as it tries to expand acceptance there. Splitit’s platform taps the unused credit most consumers have available to them on their credit cards. The company enables interest-free installments by reauthorizing the consumer’s credit card for the unpaid part of an online purchase on a monthly basis. Therefore, when a consumer might not have the funds to pay for a purchase in full at the end of one normal billing cycle, they can pay for it over time without incurring additional interest charges.
“We worked hard to find names that fit what we are doing,” Splitit’s CEO Alon Feit told CardNotPresent.com. “The new name allows us to emphasize our business objective around changing the way consumers pay for goods and services.”
Feit cited another factor that made rebranding an attractive option for the company: It had registered PayItSimple as a trademark in several other countries, but was unable to do so in the U.S., a market that is central to its expansion plans.